Qualitek LabsShare price, financial results, shareholding and management
- Market cap
- ₹619 cr
- Stock P/E
- 42.4peers 11.2
- Book value
- ₹131
- Price to book
- 4.05
- EV / operating profit
- -
- Market cap to sales
- 4.97
- ROCE · FY26
- 12.1%
- ROE · FY26
- 12.2%
- ROE, 3-year average
- 15.2%
- Operating margin · FY26
- 24.0%peers 11.1%
- Sales growth, 3 years
- 86.7%
- Profit growth, 3 years
- 70.6%
- Debt to equity
- 0.61peers 0.19
- Borrowings
- ₹94 cr
- Interest cover
- 4.7×
- Cash from business / op. profit
- 47%
- Debtor days
- 124
- Pledged
- 0.00%
- Promoter holding
- 56.46%
- Change in promoter holding
- +2.27 pts
- Shareholders
- 876
- 52-week high / low
- ₹650 / ₹259
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Qualitek Labs share price chart
Close on 6 Nov 2026 · +1.21% on the day · Vol 12,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -4.6%
- 3 months
- +18.1%
- 6 months
- +56.3%
- 1 year
- +31.6%
- Traded a day, 20 days
- ₹0.55 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +77% | +90% |
| 3 years, a year | +87% | +71% |
| Latest half, H2 FY25 | +49% | +55% |
About Qualitek Labs: business, products and customers
Qualitek Labs tests products and raw materials for companies and government bodies, from car parts and medicines to food, coal and cement, and issues certified test reports. It runs its own laboratories across India and its shares trade on BSE SME.
Qualitek Labs started in 2018 by taking over an automotive test lab in Pune and now runs ten laboratories of its own and six laboratories operated for government bodies under public-private partnership. Customers send samples or call its teams on site: car and battery parts are shaken, heated and corroded; medicines, food, cattle feed and cosmetics are checked for impurities; coal and iron ore are graded at mines and at Paradip port. It is paid a fee for each test or assignment and also earns from inspection, audit, certification and consultancy work.
The business model shapes the numbers. Consumables are a small cost, so most of the money goes on scientists, field staff, lab running costs and the depreciation and interest on instruments and buildings; once a lab is built its costs are largely fixed, so margins rise and fall with how busy the labs are. Growth has come largely through buying labs, so consolidated revenue includes Interstellar Testing Centre, a pharma and food lab that became a full subsidiary in September 2025, and the balance sheet carries a large goodwill amount from these purchases. New labs and capital work are funded partly with loans, and customers take time to pay.
Read more about the business
The annual report says competition comes from domestic, international and regional testing, inspection and certification providers and names no listed peers. The directors' profiles show much of the leadership earlier worked at Bureau Veritas.
What is new: in FY26 the company bought a food lab in Mumbai and a pharma lab in Bengaluru approved by the US Food and Drug Administration, won accreditation as an inspection body, and in September 2026 its board approved a preferential issue of shares and warrants.
From the annual report for FY26, the May 2026 investor presentation and the company's exchange announcements of 22 and 23 September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 87% a year over three years.
To watch
- The shareholder vote on 16 October 2026 on the preferential issue of shares and warrants (Exchange announcement, 22 September 2026, p.1).
- Delivery against the aim of 35% to 40% revenue growth in FY27 (Annual report FY26, p.73).
- Completion of the Hyderabad acquisition and the new Gandhidham lab (Investor presentation, May 2026, p.21 and p.23).
- Customer collections as receivables grow with sales (Annual report FY26, p.102).
- Customers take longer to pay than before: 124 days in FY26, against 69 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Qualitek Labs revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Qualitek Labs half-yearly results
SME companies report every six months · ₹ crore
| H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | |
|---|---|---|---|---|---|
| Sales | 11.12 | 12.49 | 16.70 | 20.93 | 24.93 |
| Expenses | 8.05 | 8.74 | 12.39 | 16.45 | 17.72 |
| Operating profit | 3.07 | 3.75 | 4.30 | 4.48 | 7.22 |
| OPM | 27.6% | 30.0% | 25.8% | 21.4% | 28.9% |
| Interest | 0.37 | 0.48 | 0.43 | 0.69 | 0.79 |
| Depreciation | 0.45 | 0.59 | 0.81 | 1.46 | 1.81 |
| Profit before tax | 2.27 | 2.70 | 3.13 | 2.34 | 4.76 |
| Net profit | 1.63 | 2.01 | 2.30 | 1.71 | 3.57 |
Qualitek Labs profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 6 | 12 | 19.14 | 29.18 | 70.23 | 124.52 |
| Expenses | 6 | 11 | 13.84 | 21.13 | 53.98 | 94.52 |
| Operating profit | 1 | 1 | 5.30 | 8.05 | 16.25 | 30 |
| OPM | 11.0% | 10.0% | 27.7% | 27.6% | 23.1% | 24.0% |
| Other income | 0 | 0 | 0.18 | 0.08 | 0.52 | 0.53 |
| Interest | 0 | 0 | 0.70 | 0.91 | 2.09 | 5 |
| Depreciation | 0 | 1 | 0.84 | 1.40 | 4.25 | 7 |
| Exceptional and other items | -1 | · | · | · | · | · |
| Profit before tax | 0 | 0 | 3.94 | 5.82 | 10.42 | 18.32 |
| Tax rate | 61.0% | 12.0% | 25.4% | 25.9% | 26.3% | 20.3% |
| Net profit | 0 | 0 | 2.94 | 4.31 | 7.68 | 14.60 |
| EPS ₹ | 160 | 9.13 | 5.44 | 7.46 | 7.08 | 11.69 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY22 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY22 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Qualitek Labs profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 11.0% | 10.0% | 27.7% | 27.6% | 23.1% | 24.0% |
| Tax rate | 61.0% | 12.0% | 25.4% | 25.9% | 26.3% | 20.3% |
| ROCE | · | 0.0% | 18.3% | 17.2% | 13.8% | 12.1% |
| ROE | · | · | 56.8% | 20.4% | 12.9% | 12.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Qualitek Labs debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Qualitek Labs balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.46 | 5.41 | 7.37 | 10 | 12 |
| Reserves | -1 | 0 | 4.49 | 25.08 | 77 | 141 |
| Net worth | -0.99 | 0.46 | 9.90 | 32.45 | 87 | 153 |
| Borrowings | 11 | 17 | 23.45 | 12.25 | 50 | 94 |
| Other liabilities | 3.99 | 3.54 | 6.24 | 5.89 | 21 | 24 |
| Total liabilities | 14 | 21 | 39.59 | 50.59 | 158 | 271 |
| Fixed assets | 6 | 8 | 13.67 | 29.51 | 92 | 152 |
| Capital work in progress | 4 | 4 | 14.85 | 7.61 | 16 | 46 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 4 | 9 | 11.07 | 13.47 | 50 | 73 |
Qualitek Labs cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | -5 | 7.22 | 5.54 | 10 | 14 |
| Cash from investing | -6 | -2 | -17.41 | -11.61 | -60 | -50 |
| Cash from financing | 5 | 7 | 10.51 | 6.14 | 54 | 37 |
| Net cash flow | 0 | 0 | 0.32 | 0.07 | 4 | 1 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 69 | 67 | 111 | 98 | 150 | 124 |
| Inventory days | · | · | · | · | · | 70 |
| Days payable | · | · | · | · | · | 206 |
| Cash conversion cycle | 69 | 67 | 111 | 98 | 150 | 124 |
| Working capital days | -701 | -432 | -199 | 38 | 25 | -10 |
Qualitek Labs peers and competitors
Listed SME companies in the same industryBy sales, Qualitek Labs is number 24 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Khyati Global Ventures | 33 | 5.5 | 149 | 6 | 7.0% | 1.08 |
| Qualitek Labs | 619 | 42.4 | 125 | 14.6 | 24.0% | 0.61 |
| Rockingdeals Circular Economy | 195 | 19.7 | 120 | 9.9 | 13.6% | 0.22 |
| Cadsys (India) | 36 | - | 117 | -18.5 | -12.6% | 0.21 |
| Shreenath Paper Products | 34 | 11.2 | 115 | 3 | -0.1% | 0.59 |
| Silicon Rental Solutions | 85 | 8.5 | 114 | 10 | 35.0% | 0.05 |
| Sheel Biotech | 121 | 10.3 | 110 | 11.8 | 14.8% | 0.07 |
| Happy Square Outsourcing Services | 40 | 6.7 | 109 | 6 | 6.5% | 0.17 |
| Khfm Hospitality And Facility Management Services | 90 | 25.8 | 107 | 3.5 | 8.6% | 0.52 |
| Anlon Technology Solutions | 571 | 41.1 | 106 | 13.9 | 19.8% | 0.16 |
| Infollion Research Services | 171 | 13.4 | 100 | 12.7 | 14.7% | 0.00 |
| Median of the 10 others | 88 | 11.2 | 112 | 8 | 11.1% | 0.19 |
Qualitek Labs shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Qualitek Labs shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 73.35% | 73.35% | 54.19% | 54.19% | 56.46% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 1.77% | 1.77% | - |
| Indian institutions (DIIs) | 0.00% | 0.02% | 0.26% | 0.15% | - |
| Number of shareholders | 646 | 632 | 750 | 873 | 876 |
Qualitek Labs study: the business from its own documents
Read from 5 of the company's own documentsQualitek Labs key facts from the filings
Each figure with the document it comes from
- Laboratories
- 16
- Ten owned labs and six run for government bodies under public-private partnership, at March 2026.Annual report FY26, p.70
- Revenue
- ₹124.5 cr
- Consolidated revenue in FY26, up from ₹70.2 cr; the parent company alone had ₹67.6 cr, the rest came mostly from acquired labs.Annual report FY26, p.22 and p.103
- People
- 1,200+
- Employees, including about 450 scientists and 363 field staff.Investor presentation, May 2026, p.19
- Interstellar deal
- 16,72,531 shares
- Issued at ₹310.89 each in September 2025 for the rest of Interstellar Testing Centre; 11,70,881 of them went to promoter TIC Services Private Limited.Annual report FY26, p.49 and p.50
- Goodwill
- ₹78.1 cr
- Goodwill on consolidation at March 2026 from the labs bought, up from ₹33.0 cr; it is about half of shareholders' funds.Annual report FY26, p.102
Show 5 more facts
- Borrowings
- ₹93.0 cr
- Long-term and short-term borrowings at March 2026, up from ₹50.0 cr a year earlier.Annual report FY26, p.102
- Capex
- ₹51.3 cr
- Spent on labs, equipment, land and the Mumbai acquisition in FY26; the company plans ₹63 cr in FY27.Investor presentation, May 2026, p.24
- Receivables
- ₹42.1 cr
- Owed by customers at March 2026, up from ₹28.9 cr, as sales grew.Annual report FY26, p.102
- Preferential issue
- ₹47.0 cr
- Approved by the board on 22 September 2026: ₹20.0 cr of shares at ₹518.55 to 26 investors and ₹27.0 cr of warrants to TIC Services, subject to a shareholder vote on 16 October 2026.Exchange announcement, 22 September 2026, p.1 to p.3
- Promoter holding
- 56.46%
- Held by TIC Services Private Limited at March 2026; four individuals hold one share each as its nominees.Annual report FY26, p.115
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In the FY26 annual report the company says it aims for consolidated revenue growth of about 35% to 40% in FY27 over FY26, with an EBITDA margin of 25% to 27% and a PAT margin of 14% to 15%, and calls these management expectations subject to risks. Its May 2026 presentation plans ₹63 cr of capex in FY27, an EMI and EMC lab in Pune, an analytical lab in Noida, more food lab capacity in Mumbai, Chennai and Bhubaneswar, a Hyderabad acquisition and a lab at Gandhidham. The company says the focus now is on filling the labs it has built and bought.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns a fee for each test from thousands of manufacturers and government bodies, and has grown fast by building and buying labs.
Its weak spots are borrowings and goodwill from acquisitions, slow-paying customers, and deals with its own promoter.
AverageCan it set its own prices?Accredited tests are needed by law and by buyers, but the company itself says competition may hit pricing.
AverageHow strong is it against rivals?A wide spread of accredited tests in one group is an edge, but large global testing firms are in the same market.
StrongWho are its customers?Thousands of customers across many industries, with no single industry dominating.
WatchDoes it need a lot of money?Yes: labs, instruments and acquisitions cost far more than the business earned in cash last year.
StrongCan it keep finding new work?Testing repeats with every batch and product, and the company keeps adding new test types and regions.
AverageDo good and bad years swing a lot?Sales have risen every year, but margins move with how full the labs are and with acquisitions.
Who runs Qualitek Labs?
Promoters, directors and officers; tap a name for the background
TSTIC Services Private LimitedPromoter and ultimate holding company · holds 56.46%
Holds the promoter stake; it received shares for its Interstellar Testing Centre holding in September 2025 and is the proposed allottee of all the warrants approved in September 2026.
Annual report FY26, p.49 and p.115; exchange announcement, 22 September 2026, p.3ANAntaryami NayakPromoter (nominee shareholder), Chairman and Managing Director
Cost accountant with a postgraduate degree in international business; earlier Regional Finance Director at Bureau Veritas CPS and in key positions at Titan and Avery Dennison. Leads strategy, expansion and acquisitions.
Annual report FY26, p.19 and p.115KGKamal GroverPromoter and Whole-Time Director
Mechanical engineer with a post-graduate diploma in marketing; earlier Regional Sales Head at Avery Dennison and Business Development Head at Bureau Veritas. Leads sales and business development.
Annual report FY26, p.19 and p.115; exchange announcement, 22 September 2026, p.2AKAlok Kumar AgarwalPromoter (nominee shareholder) and Non-Executive Director
Over 28 years in finance and taxation; a promoter of the ASC Group and other businesses and author of tax reference books.
Annual report FY26, p.20 and p.115AAAnju AgarwalPromoter (nominee shareholder)
Named among the promoters, holding one share as nominee of TIC Services Private Limited.
Annual report FY26, p.115MVMangesh Vitthal BhosaleWhole-Time Director
Master's degree in mechanical and automation engineering with over 27 years of leadership experience, focused on quality and operations.
Annual report FY26, p.19AAAjay AgarwalIndependent Director
Cost accountant with over 32 years across ministries and government departments.
Annual report FY26, p.21SJSulabh JainIndependent Director
Commerce graduate and company secretary with over 10 years in corporate legal and compliance work.
Annual report FY26, p.20NGNavneet GuptaChief Financial Officer
Chartered accountant with over 16 years in finance; earlier at Bureau Veritas, British Telecom, KPMG and HT Media.
Annual report FY26, p.21Qualitek Labs latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY25: sales ₹24.9 cr (+49%), net profit ₹3.6 cr (+55%) on H2 FY24.
- Shareholding, 31 March 2026: promoters 54.19% to 56.46%.
Qualitek Labs announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance Certificate Under Reg. 74(5) of SEBI (DP) Regulations, 2018-September 2026PDF ↗
- Insider Trading / SASTAs per the attached informationPDF ↗
- AGM/EGMScrutinizer''s Report of 8th Annual General MeetingPDF ↗
- AGM/EGMNotice of the Extra Ordinary General Meeting to be held on October 16, 2026PDF ↗
- Company UpdateUpdates w.r.t. Issuance of Securities on Preferential basisPDF ↗
- Company UpdateIssuance of Equity shares and fully convertible warrants on Preferential basisPDF ↗
- Board MeetingQualitek Labs Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 22/09/2026 ,inter alia, to consider and approve As pPDF ↗
Qualitek Labs annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 31 May 2026 ↗read
- 31 May 2025 ↗read
Qualitek Labs share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Qualitek Labs' data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY25 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,16,52,031 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹67.6 cr of sales against ₹124.5 cr for the full year, so the half-years of FY26 are held back.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Qualitek Labs
What does Qualitek Labs do?
Qualitek Labs tests products and raw materials for companies and government bodies, from car parts and medicines to food, coal and cement, and issues certified test reports. It runs its own laboratories across India and its shares trade on BSE SME.
What is the share price of Qualitek Labs?
₹531 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Qualitek Labs?
₹619 cr at the close on 6 Nov 2026, on 1,16,52,031 shares.
What is the P/E of Qualitek Labs?
42.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Qualitek Labs' revenue and profit?
Revenue ₹125 cr and profit after tax ₹15 cr in FY26.
Who are the promoters of Qualitek Labs?
TIC Services Private Limited, Antaryami Nayak, Kamal Grover, Alok Kumar Agarwal, Anju Agarwal; promoters held 56.46% at 31 March 2026.
What is Qualitek Labs' website?
www.qualiteklab.com
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Built from 3 annual reports, 2 investor presentations, 7 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.